Stocks rise as tech regains favor

09/25/2020 | 07:18pm

Stay-at-home stocks were back en vogue on Friday leading stocks to what has been a rare back-to-back rally as of late. The Dow rallied into the close, surging 358 points. The S&P 500 gained 51 points. The Nasdaq jumped 241 points.

But Friday's gains didn't stop the Dow and the S&P 500 from a fourth-straight weekly drop, marking Wall Street's longest losing streak since August 2019.

In these volatile times, some days you win and some days you lose, says FiPlan Partners CEO Greg Powell.

"Today, you know, I like to say the bulls have jumped in trying to keep this rally going. There are those, like I've said, that fully believe that there are trends in place that are going to be with us. So, you know, cloud-based stocks have rallied today, which would tie back into the technology sector. At the same time, though, you know, there will be those days that you're going to have that uncertainty kicking back in."

Large cap tech names, like Apple, which tend to outperform during times of economic uncertainty, led the market's climb higher. Apple jumped close to 4 percent.

Amazon jumped 2-1/2 percent as analysts praised the company's new gadgets unveiled the day before.

Boeing shares leaped roughly 7 percent. Europe's chief aviation safety regulator says Boeing's grounded 737 MAX could get the regulatory green light to fly again by November and be back in the air by the end of the year.

Sticking with travel, there was an analyst upgrade for Carnival, Royal Caribbean and Norwegian ahead of an upcoming no-sail decision from the Centers for Disease Control and Prevention. Cruise stocks have been battered so far this year - down as much as 75 percent year to date. But Friday was a good day with Norwegian rallied almost 14 percent. Carnival jumped almost 10 percent. Royal Caribbean gained nearly 8 percent.

© Thomson Reuters 2020
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